<p><img src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1554224154-26032ffc0d07/query-Zm09anBnJml4aWQ9TTN3eE1qQTNmREI4TUh4d2FHOTBieTF3WVdkbGZIeDhmR1Z1ZkRCOGZIeDhmQT09Jml4bGliPXJiLTQuMS4wJnE9NjAmdz0zMDAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1554224154-26032ffc0d07/query-Zm09anBnJml4aWQ9TTN3eE1qQTNmREI4TUh4d2FHOTBieTF3WVdkbGZIeDhmR1Z1ZkRCOGZIeDhmQT09Jml4bGliPXJiLTQuMS4wJnE9NjAmdz0zMDAw"/></p>
<p>照片由 Kelly Sikkema 提供于 Unsplash</p>
<p>作为我们在 <em>The Acquirer’s Multiple</em> 的持续系列的一部分，每周我们都会重点介绍一只可能被严重低估的股票。本周的重点是 H&amp;R Block, Inc. (NYSE: HRB)。</p>
<p>H&amp;R Block 是美国和加拿大领先的税务准备服务提供商，每年为数百万个人和小企业提供服务。该公司结合了稳定的、重复的客户基础与高度季节性但极具现金生成能力的运营模式。在过去十年中，管理层通过积极的股票回购、利润率扩张以及对资本回报给股东的严格关注，补充了稳定的现金流。</p>
<h3><strong>什么是 IV/P（内在价值与价格）？</strong></h3>
<p>IV/P 比较公司的估计内在价值与其当前市场价格。它结合了盈利能力、资本效率和再投资政策，以估算企业的真实价值。</p>
<ul>
<li><strong>IV/P 大于 1</strong> → 股票可能被低估</li>
<li><strong>IV/P 小于 1</strong> → 股票可能被高估</li>
<li>越高于 1，安全边际越大。</li>
</ul>
<p><strong>HRB 的 IV/P 为 1.50</strong>，这意味着市场仅以 <strong>其估计内在价值的三分之二</strong> 来定价该公司。对于一家稳定、现金充裕的企业，拥有数十年的品牌价值和经过验证的资本回报模型，这表明潜在的显著上行空间。</p>
<h3><strong>支持指标</strong></h3>
<ul>
<li><strong>市值：</strong> ~$61 亿</li>
<li><strong>自由现金流（TTM）：</strong> ~$5.76 亿</li>
<li><strong>自由现金流收益率：</strong> ~9.4%</li>
<li><strong>收购者倍数：</strong> 8.10×</li>
</ul>
<p>尽管不如深周期性公司低，但 8.10× 的收购者倍数对于一家成熟的服务企业来说仍然具有吸引力，该企业拥有稳定的重复收入和强劲的自由现金流转化。HRB 的估值继续暗示低增长或结构性衰退——然而该公司仍持续实现稳定的收入、强劲的利润率和一致的现金生成。</p>
<h3><strong>收入与盈利能力</strong></h3>
<p><strong>（TTM）</strong></p>
<ul>
<li><strong>收入：</strong> ~$37.7 亿</li>
<li><strong>毛利润：</strong> ~$16.8 亿</li>
<li><strong>营业收入：</strong> ~$8.49 亿</li>
<li><strong>营业利润率：</strong> ~22%</li>
<li><strong>净收入：</strong> ~$6.1 亿</li>
<li><strong>稀释每股收益：</strong> ~$4.37</li>
</ul>
<p>尽管是一家季节性企业，HRB 仍能产生可靠的年度收入和强劲的盈利能力。超过 20% 的营业利润率反映了其混合在线/线下模式的效率以及其数字税务平台的可扩展性。由于资本支出要求较少，HRB 将相当一部分营业收入转化为自由现金流。</p>
<h3><strong>资产负债表强度</strong></h3>
<p><strong>（最近一个季度）</strong></p>
<ul>
<li><strong>总资产：</strong> ~$26.2 亿</li>
<li><strong>现金及等价物：</strong> ~$3.76 亿</li>
<li><strong>应收账款：</strong> ~$5100 万</li>
<li><strong>总债务：</strong> ~$22.5 亿</li>
<li><strong>净债务：</strong> ~$13.6 亿</li>
<li><strong>营运资本：</strong> –$1.75 亿（对于季节性税务业务来说是正常的）</li>
</ul>
<p>H&amp;R Block 的资产负债表反映了其季节性模式——在税季期间，临时负债大幅增加，然后随着收入的到来而减少。重要的是，HRB 维持可控的净债务、强劲的现金生成能力，并且有着通过严格的股票回购减少股本的悠久记录。</p>
<h3><strong>资本回报</strong></h3>
<ul>
<li><strong>自由现金流（TTM）：</strong> ~$5.76 亿</li>
<li><strong>股息：</strong> 一直以来都在支付并逐步提高</li>
<li><strong>资本支出：</strong> ~$7600 万 TTM</li>
<li><strong>股票回购：</strong> 持续且积极</li>
</ul>
<p>很少有公司像 HRB 一样持续回报资本。管理层几乎将所有的超额自由现金流用于股票回购和股息，形成了 S&amp;P 中型股中最友好的资本回报计划之一。</p>
<h3><strong>为什么 HRB 可能被低估？</strong></h3>
<p>尽管现金流强劲、客户基础稳固且品牌主导地位持续数十年，市场仍然将 H&amp;R Block 视为一家面临数字化冲击的衰退、低增长的税务服务企业。然而：</p>
<ul>
<li>收入和每股收益保持稳定。</li>
<li>自由现金流保持强劲。</li>
<li>公司的数字产品持续增长。</li>
<li>每年回购显著减少股本。</li>
<li>营业利润率保持强劲和稳定。</li>
</ul>
<p>凭借 1.50 的 IV/P 和 8.10 的收购者倍数，HRB 相对于其稳定的盈利能力、重复的季节性现金流和长期的资本配置记录，似乎被低估。</p>
<h3><strong>结论</strong></h3>
<p>H&amp;R Block, Inc. (HRB) 代表了质量、稳定性和深度价值的引人注目的结合。其耐用的商业模式、强劲的自由现金流和以股东为中心的资本配置与暗示停滞或衰退的估值形成鲜明对比。对于寻求可预测现金流、审慎管理和安全边际的价值投资者来说，HRB 可能是一个隐藏在明面上的安静吸引机会。</p>
<hr/>
<p><em>更多来自此作者的文章：</em></p>
<p>我们对内在价值的计算：沃尔玛公司。</p>
<p>顶级投资者为何购买 Visa Inc。</p>
<p>CF Industries：周期性肥料领导者中的深度价值</p>

HR布洛克服务

<p>H&R Block, Inc.（纽约证券交易所代码：HRB）被认为是一只潜在的被低估股票，具有强劲的现金流、高资本回报和稳定的商业模式。尽管市场对其的看法有所下滑，但 HRB 的内在价值与价格比率为 1.50，暗示着显著的上行空间。该公司保持着强劲的自由现金流、一致的股息和积极的股票回购，使其成为寻求可预测回报和谨慎管理的价值投资者的一个有吸引力的机会</p>

<p><img src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1554224154-26032ffc0d07/query-Zm09anBnJml4aWQ9TTN3eE1qQTNmREI4TUh4d2FHOTBieTF3WVdkbGZIeDhmR1Z1ZkRCOGZIeDhmQT09Jml4bGliPXJiLTQuMS4wJnE9NjAmdz0zMDAw" alt="" original-src="https://images.unsplash.com/photo-1554224154-26032ffc0d07?fm=jpg&amp;q=60&amp;w=3000&amp;ixlib=rb-4.1.0&amp;ixid=M3wxMjA3fDB8MHxwaG90by1wYWdlfHx8fGVufDB8fHx8fA%3D%3D"/></p>
<p>Photo by Kelly Sikkema on Unsplash</p>
<div class="lb-trans"><p>照片由 Kelly Sikkema 提供于 Unsplash</p>
</div><p>As part of our ongoing series at <em>The Acquirer’s Multiple</em>, each week we spotlight a stock from our Stock Screeners that may be a deeply undervalued opportunity hiding in plain sight. This week’s spotlight is H&amp;R Block, Inc. (NYSE: HRB).</p>
<div class="lb-trans"><p>作为我们在 <em>The Acquirer’s Multiple</em> 的持续系列的一部分，每周我们都会重点介绍一只可能被严重低估的股票。本周的重点是 H&amp;R Block, Inc. (NYSE: HRB)。</p>
</div><p>H&amp;R Block is a leading provider of tax preparation services across the U.S. and Canada, serving millions of individuals and small businesses each year. The company combines a sticky, recurring customer base with a highly seasonal but extremely cash-generative operating model. Over the last decade, management has complemented steady cash flows with aggressive buybacks, margin expansion, and a disciplined focus on returning capital to shareholders.</p>
<div class="lb-trans"><p>H&amp;R Block 是美国和加拿大领先的税务准备服务提供商，每年为数百万个人和小企业提供服务。该公司结合了稳定的、重复的客户基础与高度季节性但极具现金生成能力的运营模式。在过去十年中，管理层通过积极的股票回购、利润率扩张以及对资本回报给股东的严格关注，补充了稳定的现金流。</p>
</div><h3><strong>What Is IV/P (Intrinsic Value to Price)?</strong></h3>
<div class="lb-trans"><h3><strong>什么是 IV/P（内在价值与价格）？</strong></h3>
</div><p>IV/P compares a company’s estimated intrinsic value to its current market price. It blends earnings power, capital efficiency, and reinvestment policy to estimate what the business is truly worth.</p>
<div class="lb-trans"><p>IV/P 比较公司的估计内在价值与其当前市场价格。它结合了盈利能力、资本效率和再投资政策，以估算企业的真实价值。</p>
</div><ul>
<li><strong>IV/P above 1</strong> → stock may be undervalued</li>
<li><strong>IV/P below 1</strong> → stock may be overvalued</li>
<li>The further above 1, the greater the margin of safety.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>IV/P 大于 1</strong> → 股票可能被低估</li>
<li><strong>IV/P 小于 1</strong> → 股票可能被高估</li>
<li>越高于 1，安全边际越大。</li>
</ul>
</div><p><strong>HRB’s IV/P is 1.50</strong>, implying the market is pricing the company at only <strong>two-thirds of its estimated intrinsic value</strong>. For a stable, cash-rich business with decades of brand equity and a proven capital-return model, this signals potentially meaningful upside.</p>
<div class="lb-trans"><p><strong>HRB 的 IV/P 为 1.50</strong>，这意味着市场仅以 <strong>其估计内在价值的三分之二</strong> 来定价该公司。对于一家稳定、现金充裕的企业，拥有数十年的品牌价值和经过验证的资本回报模型，这表明潜在的显著上行空间。</p>
</div><h3><strong>Supporting Metrics</strong></h3>
<div class="lb-trans"><h3><strong>支持指标</strong></h3>
</div><ul>
<li><strong>Market Cap:</strong> ~$6.1B</li>
<li><strong>Free Cash Flow (TTM):</strong> ~$576M</li>
<li><strong>Free Cash Flow Yield:</strong> ~9.4%</li>
<li><strong>Acquirer’s Multiple:</strong> 8.10×</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>市值：</strong> ~$61 亿</li>
<li><strong>自由现金流（TTM）：</strong> ~$5.76 亿</li>
<li><strong>自由现金流收益率：</strong> ~9.4%</li>
<li><strong>收购者倍数：</strong> 8.10×</li>
</ul>
</div><p>While not as low as deep-cyclical names, an AM of 8.10× remains attractive for a mature service business with resilient recurring revenues and strong free cash flow conversion. HRB’s valuation continues to imply low growth or structural decline—yet the company continues to post stable revenue, strong margins, and consistent cash generation.</p>
<div class="lb-trans"><p>尽管不如深周期性公司低，但 8.10× 的收购者倍数对于一家成熟的服务企业来说仍然具有吸引力，该企业拥有稳定的重复收入和强劲的自由现金流转化。HRB 的估值继续暗示低增长或结构性衰退——然而该公司仍持续实现稳定的收入、强劲的利润率和一致的现金生成。</p>
</div><h3><strong>Revenue &amp; Profitability</strong></h3>
<div class="lb-trans"><h3><strong>收入与盈利能力</strong></h3>
</div><p><strong>(TTM)</strong></p>
<div class="lb-trans"><p><strong>（TTM）</strong></p>
</div><ul>
<li><strong>Revenue:</strong> ~$3.77B</li>
<li><strong>Gross Profit:</strong> ~$1.68B</li>
<li><strong>Operating Income:</strong> ~$849M</li>
<li><strong>Operating Margin:</strong> ~22%</li>
<li><strong>Net Income:</strong> ~$610M</li>
<li><strong>Diluted EPS:</strong> ~$4.37</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>收入：</strong> ~$37.7 亿</li>
<li><strong>毛利润：</strong> ~$16.8 亿</li>
<li><strong>营业收入：</strong> ~$8.49 亿</li>
<li><strong>营业利润率：</strong> ~22%</li>
<li><strong>净收入：</strong> ~$6.1 亿</li>
<li><strong>稀释每股收益：</strong> ~$4.37</li>
</ul>
</div><p>Despite being a seasonal business, HRB generates reliable annual revenue and strong profitability. Operating margins above 20% reflect the efficiency of its hybrid online/in-office model and the scalability of its digital tax platform. HRB converts a significant portion of operating income into free cash flow due to minimal capital expenditure requirements.</p>
<div class="lb-trans"><p>尽管是一家季节性企业，HRB 仍能产生可靠的年度收入和强劲的盈利能力。超过 20% 的营业利润率反映了其混合在线/线下模式的效率以及其数字税务平台的可扩展性。由于资本支出要求较少，HRB 将相当一部分营业收入转化为自由现金流。</p>
</div><h3><strong>Balance Sheet Strength</strong></h3>
<div class="lb-trans"><h3><strong>资产负债表强度</strong></h3>
</div><p><strong>(Most recent quarter)</strong></p>
<div class="lb-trans"><p><strong>（最近一个季度）</strong></p>
</div><ul>
<li><strong>Total Assets:</strong> ~$2.62B</li>
<li><strong>Cash &amp; Equivalents:</strong> ~$376M</li>
<li><strong>Receivables:</strong> ~$51M</li>
<li><strong>Total Debt:</strong> ~$2.25B</li>
<li><strong>Net Debt:</strong> ~$1.36B</li>
<li><strong>Working Capital:</strong> –$175M (normal for a seasonal tax business)</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>总资产：</strong> ~$26.2 亿</li>
<li><strong>现金及等价物：</strong> ~$3.76 亿</li>
<li><strong>应收账款：</strong> ~$5100 万</li>
<li><strong>总债务：</strong> ~$22.5 亿</li>
<li><strong>净债务：</strong> ~$13.6 亿</li>
<li><strong>营运资本：</strong> –$1.75 亿（对于季节性税务业务来说是正常的）</li>
</ul>
</div><p>H&amp;R Block’s balance sheet reflects its seasonal model—large temporary liabilities build during tax season, then unwind as revenue comes in. Importantly, HRB maintains manageable net debt, strong cash generation, and a long track record of reducing share count through disciplined buybacks.</p>
<div class="lb-trans"><p>H&amp;R Block 的资产负债表反映了其季节性模式——在税季期间，临时负债大幅增加，然后随着收入的到来而减少。重要的是，HRB 维持可控的净债务、强劲的现金生成能力，并且有着通过严格的股票回购减少股本的悠久记录。</p>
</div><h3><strong>Capital Returns</strong></h3>
<div class="lb-trans"><h3><strong>资本回报</strong></h3>
</div><ul>
<li><strong>Free Cash Flow (TTM):</strong> ~$576M</li>
<li><strong>Dividends:</strong> Consistently paid and raised over time</li>
<li><strong>CapEx:</strong> ~$76M TTM</li>
<li><strong>Share Repurchases:</strong> Ongoing and aggressive</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>自由现金流（TTM）：</strong> ~$5.76 亿</li>
<li><strong>股息：</strong> 一直以来都在支付并逐步提高</li>
<li><strong>资本支出：</strong> ~$7600 万 TTM</li>
<li><strong>股票回购：</strong> 持续且积极</li>
</ul>
</div><p>Few companies return capital as consistently as HRB. Management targets excess FCF almost entirely toward buybacks and dividends, resulting in one of the most shareholder-friendly capital return programs in the S&amp;P MidCap universe.</p>
<div class="lb-trans"><p>很少有公司像 HRB 一样持续回报资本。管理层几乎将所有的超额自由现金流用于股票回购和股息，形成了 S&amp;P 中型股中最友好的资本回报计划之一。</p>
</div><h3><strong>Why Might HRB Be Undervalued?</strong></h3>
<div class="lb-trans"><h3><strong>为什么 HRB 可能被低估？</strong></h3>
</div><p>Despite strong cash flows, a resilient customer base, and decades of brand dominance, the market continues to view H&amp;R Block as a declining, low-growth tax service business threatened by digital disruption. Yet:</p>
<div class="lb-trans"><p>尽管现金流强劲、客户基础稳固且品牌主导地位持续数十年，市场仍然将 H&amp;R Block 视为一家面临数字化冲击的衰退、低增长的税务服务企业。然而：</p>
</div><ul>
<li>Revenue and EPS remain stable.</li>
<li>Free cash flow remains robust.</li>
<li>The company’s digital offerings continue to grow.</li>
<li>Buybacks meaningfully reduce share count each year.</li>
<li>Operating margins remain strong and steady.</li>
</ul>
<div class="lb-trans"><ul>
<li>收入和每股收益保持稳定。</li>
<li>自由现金流保持强劲。</li>
<li>公司的数字产品持续增长。</li>
<li>每年回购显著减少股本。</li>
<li>营业利润率保持强劲和稳定。</li>
</ul>
</div><p>With an IV/P of 1.50 and an Acquirer’s Multiple of 8.10, HRB appears undervalued relative to its steady earnings power, recurring seasonal cash flows, and long-term capital allocation track record.</p>
<div class="lb-trans"><p>凭借 1.50 的 IV/P 和 8.10 的收购者倍数，HRB 相对于其稳定的盈利能力、重复的季节性现金流和长期的资本配置记录，似乎被低估。</p>
</div><h3><strong>Conclusion</strong></h3>
<div class="lb-trans"><h3><strong>结论</strong></h3>
</div><p>H&amp;R Block, Inc. (HRB) represents a compelling blend of quality, stability, and deep value. Its durable business model, strong free cash flow, and shareholder-friendly capital allocation stand in contrast to a valuation that suggests stagnation or decline. For value investors seeking predictable cash flows, prudent management, and a margin of safety, HRB may be a quietly attractive opportunity hiding in plain sight.</p>
<div class="lb-trans"><p>H&amp;R Block, Inc. (HRB) 代表了质量、稳定性和深度价值的引人注目的结合。其耐用的商业模式、强劲的自由现金流和以股东为中心的资本配置与暗示停滞或衰退的估值形成鲜明对比。对于寻求可预测现金流、审慎管理和安全边际的价值投资者来说，HRB 可能是一个隐藏在明面上的安静吸引机会。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多来自此作者的文章：</em></p>
</div><p>Our Calculation Of Intrinsic Value: Walmart Inc.</p>
<div class="lb-trans"><p>我们对内在价值的计算：沃尔玛公司。</p>
</div><p>Why Top Investors Are Buying Visa Inc.</p>
<div class="lb-trans"><p>顶级投资者为何购买 Visa Inc。</p>
</div><p>CF Industries: Deep Value In A Cyclical Fertilizer Leader</p>
<div class="lb-trans"><p>CF Industries：周期性肥料领导者中的深度价值</p>
</div>

H&R Block：强劲的现金流，高资本回报，以及深度价值投资机会